Yes, calculate the business portion of the basis and the sales price so that you will not experience a full gain or loss. Multiply each by the business percentage that you used the vehicle.
For the depreciation equivalent, you will need to calculate this. To do this, click on the learn more link that is listed on the page to calculate the depreciation equivalent.
- For all of the years that you claimed mileage in the past, you need to multiply each year's mileage by the percentage that is shown in the learn more link. So if you claimed 10,000 miles in year 2019, you would multiply that by .26.
- For 2020, the mileage will be multiplied by .27.
- add those two amounts and that is the total that will be recorded in the prior depreciation boxes.
- I used year's 2019 and 2020 but this will be reported for all prior years that you reported mileage.
@dantheman98
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